Gaming Innovation Group Inc. (GiG) has announced plans to distribute its subsidiary, Innovation Labs Ltd, to GiG’s shareholders as part of a strategic review. This move will lead to the split of the current company into two main business segments: Media Services and Platform & Sportsbook.
According to GiG’s CEO, Richard Brown, the split has the potential to remove hurdles and unleash new possibilities for each business segment, creating two very successful companies. Meanwhile, Petter Nylander, Chairman of the Board, noted that the maturity of each business makes it the perfect time to evaluate a potential split.
Media Services will include GiG’s lead generation business, while Platform & Sportsbook will include the technical iGaming platforms, front-end development, and other managed services such as player safety, customer operations, and CRM/marketing. The purpose of the split is to optimize growth opportunities and ensure that each business can benefit from the strategic and financial flexibility of their unique business models.
The strategic review will be initiated immediately and will continue throughout 2023. The first step is to outline the strategic and operational objectives that need to be achieved to execute the split. Final execution will be subject to all necessary corporate actions, including shareholder approvals.
As a leading iGaming technology company, Gaming Innovation Group aims to drive sustainable growth and profitability of its partners through product innovation, scalable technology, and quality of service. The company is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK.
The split of GiG into two separate companies will be a significant move for the company, and investors will be keen to see how the two businesses perform once they are separated. This strategic move aims to create two industry-leading companies with the potential for strong growth in the years to come.
